Finance Information

Updated 8/28/10.

Link to the required forms on the Federation site.

Overview of Form Due Dates (Verify form and due date with IRS site!)

Form B - due 2/1
Form T - due 2/1
Form A - due 3/1
Form F - due 3/1
Form D - due 3/15
Form C - due 5/1
Form E - due 6/1
Form G - due 6/1

Form 990-N
epostcard.form990.org can be filed if organization has less than $50,000 starting with 2010 tax years. (Our form.)
Due 15th day of the 5th month at the end of you fiscal year. ($20 per day penalty if late!)

Miscellaneous Notes:

• Revenues and expenses may not be "netted". The total revenue is the revenue. You cannot deduct the expenses involved.
• Requests may be made to view financial records.
• Returns may be audited for three years back. Save for four. (Save seven years for potential fraud issue.)
• Raffles - organization has to be around at least three years, not support political stuff, etc. (The purchase of the raffle ticket is NOT a charitable deduction.)
• Silent Auction Sales - Maintain the value of the item that is being auctioned. Statement at end of year or something that states charitable deduction based on what they paid less the value of the item they bought. (If they spend over $250 per transaction.)
• Two sales tax free days per year. If participate in Boutique, that is your two free days.
• Book Awards - Federation website addresses very well. Should advertise that there will be a drawing and should offer option to submit name for the drawing. (The opportunity to participate should be advertised and an option to participate should be given.)
• Sales Tax - Less than $1000 collected annually but less than $500 collected monthly, file quarterly. Returns are due the 20th day of the month following the close of the filing period. Tax free sale day is a 24 hour period. Boutique takes both of our tax free days.
• Food - prepared food is taxable.